Figure 3: Monetary Aggregates in Japan In trillions of Yen In trillions of Yen M2 + CDs (left scale) Current Account Balances (right scale) ... of Japan, (ii) to commit itself to continue providing ample liquidity to banks until ... the amount of outright purchases of long-term Japanese government bonds. In particular, in March 2001 the Bank of Japan set the target for CABs to 5tn, higher

holdings of banks at the Bank of Japan, in other words these are bank reserves held ... of Japan since 1995 did not conduct its monetary policy through the call rate anymore ... of Japan. where Pt denotes the consumer price index, PtS stands for the Nikkei stock

measures to flatten the yield curve. The evidence suggests that these measures were effective in lowering the yield curve in Japan, particularly the medium-term point of the curve. Conclusions Let me conclude. Graph 5 Japan – Money Aggregates Year-ended ... to the increase in banks’ deposits with the Bank of Japan (Graph 5). While one can never know ...aggregates or bank lending. Instead, banks appear to have hoarded the additional

Volumes of aggregates (million tons) for concrete for roads Year Fig. 1 Volumes of aggregates used in Japan (METI 2009). ... Large volumes of aggregate are produced and consumed in the production of concrete and roads. Figure 1 shows the volumes of aggregate used in Japan according ... waste, equivalent to approximately 35 million tons per year in Japan and comprising

We also notice that aggregates containing both savings and sight deposits (M2 and assimilated) feature greater stability than those containing only demand deposits (M1). Indeed, there exist money transfers between the different types of accounts ... Deposits M2-M0 M2-M0 US US US Euro Zone Euro Zone Japan ... europe, japan, united states